Inverse Group Developments has launched its first project in the New Administrative Capital (NAC), Bareq Tower, with investments amounting to EGP 3bn.

Chairperson of Inverse Group Ahmed Shaltoot said that the state’s efforts to stimulate foreign investment made Egypt at the top of the list of countries attracting investment in the world.

Shaltoot added that recent studies revealed Egypt’s need for more than one million housing units annually to meet the needs of citizens, pointed out that these studies confirmed that investment in Egypt at the current period is the best investment in the world, especially after the great acclaim that the Egyptian economy received during the recent period.

He noted that Bareq Tower is located in the NAC’s Downtown area, comprises administrative, commercial and medical units besides it includes a 3-floor underground garage.

He revealed that the company also acquired lands in the Green River area and Central Business District within the New Capital to establish other projects that will be announced later.

CCO of Inverse Group Russell Elgohary said that Bareq project will be the real start to pumping major investments into the New Capital.

He added that the company has a key investment plan inside Egypt amounting to EGP 10bn, disclosed that the coming period will witness the launch of new and various projects within the NAC.